This morning, Freddie Mac reported 3.88 percent with an average 0.8 point as the average on a 30-year fixed mortgage. Last week, rates set a record low of 3.89 percent, and now rates have been below 4 percent for seven consecutive weeks. A year ago, 30-year fixed rates were at 4.74 percent.

From Freddie Mac vice president and chief economist Frank Nothaft:

Mortgage rates were nearly unchanged this holiday week in lieu of a mixed bag of economic data reports. On the consumer front, retail sales edged up only 0.1 percent in December, but the Reuters/University of Michigan sentiment index continued to climb in January to the highest reading since February 2011.

We have been saying this frequently in past weeks, but it bears repeating: the rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate. Still, rates remain at historical lows.